Oil and gas exploration company, Circle Oil has announced its first oil production in Egypt at the Al Amir Development Lease area in the North West Gemsa Permit.

Production started at 1,450 barrels of oil per day and is expected to reach a daily rate of 3,000 bopd in the short term, said Circle, which has a 40 percent stake in the permit.

Vegas Oil & Gas, a privately owned Greek company, is the operator with a 50 percent stake.

Circle, an AIM-listed company with assets in Egypt, Morocco, Namibia, Oman and Tunisia, said the oil was being produced from the discovery well Al Amir SE-1X and the first appraisal well Al-Amir SE-2X. - Reuters